The global balance of power, authority, might and control has been shifting from West to East. At a critical time, when our interconnected, evolving planet faces a horrific, implosive economic crisis, a lack of confidence to perform effectively and a credibility gap related to political corruption, greedy fraud and refusal to negotiate compromise, we must adjust to the abrupt shift of the correlation of forces away from the United States towards the People’s Republic of China. Now the world’s second largest economy, most international forecasters believe that China’s ability to surpass America’s is not a question of “if” but “when”.
China’s burgeoning economy, massive foreign currency holdings, U.S. Treasury Bond investments, abundance of cash flow, human resources development to improve the standard of education, advanced technological outreach priorities and modern mercantilist policies give it significant role-playing leverage on the worldwide stage. By contrast, ballooning public debt, social welfare, pension and health care obligations, lending bank insolvency, outmoded financial rules and federal regulations on industry and energy all serve as impediments to progressive reforms. Overextended militarily, the debacle of Iraq and Afghanistan Wars has severely dented U.S. prowess and supremacist invincibility.
Cooperation not conflict is the key to sustaining the global economy and establishing a New World Order, one which features new centers of influence, new potential rivalry threats and new challenges to better understand international relations ideologies, aims, beliefs and values. Also required are strategic alliances and economic partnerships which mutually address and help solve common problems and perceptions in such areas as climate change, reducing toxic gas emissions, monitoring the spread of nuclear weapons, reconciling conflict disputes, countering violent extremism and terrorist insurgency. Furthermore, fair-minded governance needs equitable, sweeping reforms of the United Nations, the World Bank and the International Monetary Fund.
Dr. Charles Frederickson